FASB’s Conceptual Framework Summarized - 9

Level 3a: Assumptions inclusive of economic entity, going concern, monetary unit, and periodicity.
Economic Entity – refers to a company that keeps its activity separate form its owners and other businesses
Going Concern – refers to a company that last long enough to fulfill objectives and commitment
Monetary Unit – refers to money as a common denominator
                Periodicity – refers to a company dividing economic activities into time periods